Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Broadcom (Nasdaq: BRCM) fell more than 12% when the consumer electronics chipmaker offered unflattering guidance for the second quarter.

So what: The poor outlook overshadowed what was otherwise a decent quarter. Revenue rose 24% to $1.82 billion, and adjusted profit improved to $0.68 a share, MarketWatch reported. Analysts had been calling for $1.81 billion and $0.59, respectively, according to Yahoo! Finance data.

Now what: They were also looking for growth. Instead, management told investors in a press release to expect either flat to negative sequential revenue growth in the second quarter. Analysts were looking for at least $1.9 billion. The gulf appears to have incited the sell-off, though a poor report from longtime supplier MIPS Technologies (Nasdaq: MIPS) probably didn't help.

And yet the sell-off may have created a buying opportunity. Fools rating Broadcom in Motley Fool CAPS today are taking a long-term bullish view. Analysts, meanwhile, have largely remained bullish while acknowledging the problems with the company's near-term outlook, according to a compilation of views reported by The Wall Street Journal.

Interested in more info on Broadcom? Add it to your watchlist.

Interested in more info on MIPS Technologies? Add it to your watchlist.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. You can try any of our Foolish newsletter services free for 30 days.

Tim owned shares of MIPS, and MIPS covered calls, at the time of publication. Check out his portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.